A company tied to the multibillion-dollar “vulture” hedge fund Alden Global Capital sold a waterfront home on the Sunset Islands for $25 million.
Property records show 2288 Sunset LLC sold the 6,600-square-foot, seven-bedroom and nine-and-a-half-bathroom house at 2288 Sunset Drive in Miami Beach. The buyer is a land trust named after the address.
The home was completed last year by developer Todd Michael Glaser, according to the listing. The 0.3-acre property features 170 feet of water frontage, a pool and spa. It hit the market last year for $32.5 million, and was most recently asking $29.5 million with listing agent Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty.
The Corcoran Group’s Eloy Carmenate and Mick Duchon represented the buyer.
The property previously traded for $9.5 million in 2021, records show. The new house has a chef’s kitchen, master suite with a night bar, a wellness suite and a three-car garage. It’s on Sunset Island III.
The selling entity is managed by Randall Smith and Heath Freeman, the multimillionaire co-founders of West Palm Beach-based Alden Global. It’s one of a handful of properties tied to Smith and his wife, Barbara Stovall Smith, in Miami Beach.
In 2022, the Smiths were linked to the sale of the waterfront mansion at 34 Star Island Drive to LoanDepot’s billionaire founder, Anthony Hsieh, for $30 million. The previous year, they sold three homes in Palm Beach for $56 million.
Companies managed by the same attorney the Smiths used for the Star Island house and the Sunset Islands house also purchased the waterfront home at 4774 North Bay Road in 2021, had the house demolished and hired Glaser to build a new home. They sold the house in May of this year for $29.5 million.
The Alden Global LLC’s sale marks the latest pricey Sunset Islands deal.
In September, waste management mogul Patrick Dovigi paid $15 million to acquire a waterfront house on the Sunset Islands in an off-market deal. It’s next door to the 11,300-square-foot waterfront mansion he bought for $27.5 million in April. Between the two properties, his estate now spans 1.2 acres.
This summer, ex-Credit Suisse CEO Tidjane Thiam sold a waterfront home for $21.5 million, and disgraced luxury broker Oren Alexander sold his waterfront mansion for $51.5 million.
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